Friends, many people often ask me how much loan we can get. We already have a car or personal loan Now we have to buy a house, for that maximum amount of loan we can get? It could be that you already have a home loan. And you want to get a personal loan.
Content
What is the maximum loan you can get for buying a car?
What is the maximum loan that the Bank can give?
What is the maximum loan amount you should take?
How much is a suggested maximum loan for you?
So let's talk About,
What is the maximum loan we should take?
This depends on your monthly salary. And I would like to say, more than the monthly salary, It depends on your household income. If you are a single earning member then you can take your salary. And if both husband and wife are earning then So you can add the income of both. What do you have to do? You have to find your house holding income. Or if you are planning a loan jointly. Want to add your father or mother also.
So you can add your total income. Accordingly, your loan eligibility is calculated. So once you find your household income.
Let's take an example.
Suppose your household income is ₹60,000. So here's first see,
How much loan will the bank give you?
The bank checks your loan eligibility from your EMI paying capacity. The bank says you will keep 50% of the money out of this for your household expenses. And you can pay a maximum EMI of only 50%. The bank calculates your maximum EMI. Maximum EMI means You can pay only ₹ 30,000.
Let say
For example, you have already taken a car loan. You have taken a loan of 3 lakhs. For a loan of ₹3 lakhs, you assume an interest of 9.5%. If you have taken this loan for 5 years. So your EMI will be around ₹6,300. Let's say you want to take a home loan with it. Bank will deduct ₹6,300 EMI from your maximum EMI So from your balance EMI,
What is the maximum EMI you can pay for a home loan?
The bank will calculate, Deduct 6,300 from 30,000. It is ₹23,700, once you have calculated EMI This will determine your home loan eligibility. How much will you get the maximum loan? So you can calculate this with an EMI calculator. I will give you the link to the EMI calculator in the description below. This is an EMI calculator, with this we can calculate the EMI of any loan. You have to enter the loan amount here,
For example 3,00,000. And we took a 9% interest rate for a car loan We have taken 9.5% And we took a loan of 5 years,
So here the EMI came to ₹ 6,301.
What do we have to do now?
we have calculated the maximum EMI of a home loan of 23,700 And now we want to calculate our loan amount, We have to back-calculate Here we will first enter the interest rate.
We took 9% interest on the home loan. And we took a home loan tenure of 20 years.
Let's enter it.
If we take a loan of 3 lakhs, its EMI will be around ₹ 2700. First, we multiply it 10 times, I'll add another 0 here. Here are EMI will be 27,000
We want an EMI of 23,700, So we have to deduct some amount. So we'll do some trials here.
First, let's look at the amount of 25,00,000. Here I enter 25 lakhs. EMI will be ₹22,500, which means we have to increase. I'll check it out by 26,00,000. On entering 26,00,000, the EMI will be around ₹23,400. So if we fill EMI of around ₹ 23,700,
So we will get loan eligibility. Accordingly, we can get a loan of about ₹26 lakhs. Based on 23,700, As per this EMI, your maximum loan will be. Will be around 26 lakhs, so in this way, your maximum home loan is calculated According to the bank.
For example, you did not even take a car loan. You have to take only one loan
Let's say you just have to take a home loan. So your maximum is ₹30,000. So you can pay the entire 30,000 in the home loan. you paid 30,000 in home loan 30,000 is your EMI.
So what will be your home loan in that case?
I write here If you calculate again with the EMI calculator, If you pay an EMI of 30,000 So you will get the maximum loan of around Rs 33,00,000. So this depends on. How much EMI do you already have So we talked about the bank?
What is the maximum loan that the bank can give you?
Now let us talk about the maximum loan amount we should take. What do the experts recommend?
The bank is allowing us to pay an EMI of 30,000 maximum Maximum we can pay 50% of your salary. Experts say that you should pay only 33% of your monthly income in EMI. If you have a monthly income of 60,000
So how much should you pay in EMI Your EMI should not be more than 20,000. Now understand the reason for this. You do not want your maximum loan exposure. you should have a cushion for any emergency There may be a medical emergency.
Maybe you need money for a wedding. So if you have a cushion for this type of emergency, then you will be able to save it. You can invest in it, And if you also need a loan
So you will be able to take an extra loan. Your balance of 70% EMI cushion will come in handy in this way. So once you have decided on your EMI of 20,000. That is one-third of your monthly income. After that, you can do the back-calculation again.
Let's say you have already taken a car loan, so you are already paying an EMI of ₹ 6,300. So you'll deduct from it, If you want a home loan So you have to see what is the maximum EMI you can pay in the home loan. From 20,000 if you subtract 6,300. So an amount of 13,700 is left.
So in this case you can pay a maximum EMI of 13,700. Similarly, you will also calculate the maximum home loan you can get according to 13,700.
So you will get a home loan of ₹15,00,000. You can calculate further with the EMI calculator. I have given a link to the calculator in the description. And If you have not taken the car loan
You can pay a maximum of ₹20,000 EMI If you want to take a home loan.
What is the maximum home loan you can take in 20,000 EMI?
As per EMI of 20,000. You can take the maximum loan of 22 lakhs. I have taken only the example of the car loan It could have been any other loan, it could have been your personal loan. It could also be a gold loan. Here write the total amount of EMI you were paying if you want fresh loans, then minus those EMIs.
Your balance EMI is left, We will take this one example Let's say one of your existing EMI of 6,300 of the total loan was running The maximum you can take is 20,000, If you want to take a home loan. And you will get a home loan for this amount so in this way you can do your calculation
I have done this calculation of a household income of 60,000. You can calculate according to the amount of income you have. You only have to remember two things That bank gives you a maximum loan of 50% of your household income maximum you should only pay EMI 33% of your income
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Keep learning, keep earning, and be happy as always.